My insurance friend (AIA) proposed for me to get 3 policies and said it won't be in-force until I pay. I signed the applications but now I don't want them, is it ok to leave them there and not pay? - Seedly
Seedly logo
Seedly logo
 

Insurance

Financial Planners

Anonymous

Asked on 13 Jun 2020

My insurance friend (AIA) proposed for me to get 3 policies and said it won't be in-force until I pay. I signed the applications but now I don't want them, is it ok to leave them there and not pay?

0 comments

4 answers

Answer Now

Answers (4)

Sort By

Yes, it is okay to leave it if the policies do not fulfil your needs. In this case, the application will be closed after a period of time.

Take note that if there is medical underwriting, then the underwriters will need to review your case all over again when you submit a fresh application next time.

In any case, I will suggest for you to review your needs and determine why the policies don't suit you, and why you signed them in the first place.

I share quality content on estate planning and financial planning here.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

Policies only start upon premium payment. The free-look period only applies if policies have been incepted, and that is conditional with premium payment.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

Hi anon,

If you haven't made any payment yet then there's no issue. The policy status will become not-taken up eventually.

However, if you have put the payment on an automatic deduction such as credit card, then you'll need to call in to free-look the policy.​​​

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Boon Peng
Boon Peng
Level 6. Master
Answered on 13 Jun 2020

Hello there! There should have a 14-day free look period, which means you can cancel your policy within 14 days. You might want to check with your friend.

2 comments

👍
0
Question Poster

13 Jun 2020

Hi thank you for replying! Yeah actually I did ask him but then he read and didn't reply haha. Guess I'll call AIA on Monday!
Boon Peng
Boon Peng

13 Jun 2020

All the best!
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post